Fawry for Banking and Payment Technology Services (EGX:FWRY) will purchase a Banque Misr’s 15% stake in its subsidiary Fawry Plus Banking Services, for EGP 16.2 million, according to Fawry’s statement filed to the Egyptian Exchange.

Based on the independent financial advisor’s fair value report, Fawry will buy 14 million shares at 1.15 per each.

Fawry signed an agreement with Nasser Social Bank in order to ease the process of disbursement of pension, salaries and expenses from Fawry’s outlets.

The fintech company posted a consolidated net profit before minority interest of EGP 76.146 million in quarter one of 2021.

Fawry is an Egypt-based company that provides an electronic payment network. The company allows users to pay bills in multiple channels, such as online, using automated teller machines, mobile wallets, and retail points.